Bank and property companieslaunched a $250 million scheme in October to buy more than 200 flats and sell them to Lebanese expatriates. But Jihad Hokayem, a property investment expert at the Lebanese American University, said such initiatives were temporary fixes.

“These measures only cover up existing or potential bankruptcies. It’s the beginning of a total collapse,” he said.

Economic expert Louis Hobeika told Arab News apartments in Beirut still commanded prices above $700,000, and what was happening was a correction.

“There is no demand,” he said. “Those who want to buy are going after real estate outside Lebanon, with incentives such as residency. The Lebanese are starting to buy in Cyprus, Portugal and Malta.”

Another economist, Essam Al-Jardi, said: “Developers invested billions of dollars in luxury buildings during the boom, but the economy has declined and growth is only 1 percent.

“I am afraid of any mistake that may push the country into the unknown.”